a representative of the chinese academy of social sciences said china's economy would grow 7.7% this year, which is down 1.6% from last year. >> translator: china's exports are slowing because of the european debt crisis and the global economic slow-down. >> he said the chinese economy bottomed out in the july to september quarter. that's because industrial output and consumption improved in both september and october. he predicts the country's economic growth will recover to about 8.2% next year from public investment expansion and monetary easing measures. but he called for flexible government policies if the situation in europe worsens. the chinese government earlier this year revised its growth target to 7.5% from around 8% in preceding years. >>> over in the united states, president barack obama is urging republicans to approve a tax hike on the wealthy. he says this is needed to avert the impending fiscal cliff of automatic austerity measures that could drag the economy into recession. obama said on wednesday that federal revenues will not reach the level needed to implement hi